The New India Assurance Company Limited is India’s largest public sector general

Strengths Largest non-life insurer in India with market share of about 13.4%, giving strong brand recognition and distribution reach. Strong government backing as a PSU, which increases customer trust and supports large corporate and government business. Domestic premium growth is stronger than the industry average, helping the company increase market share from 12.8% to 13.4%. Solvency ratio remains healthy at 1.81x, comfortably above the regulatory requirement of 1.50x, Weaknesses Core underwriting performance remains weak. The combined ratio is still above 100%, meaning the company spends more on claims and expenses than it earns from premiums. The business remains heavily dependent on investment income rather than pure insurance profitability. Large wage arrears provision of around ₹2,500 crore in FY26 affected earnings and operating Star Health. Opportunities Rising insurance penetration in India, especially in health, motor and rural insurance, can support long-term premium growth. Large number of uninsured vehicles and underinsured individuals create significant future market potential. Improvement in claim ratio and combined ratio can sharply increase profitability because the company already has large scale and market share. Threats Strong competition from private insurers such as ICICI Lombard General Insurance Company Limited, Star Health and Allied Insurance Company Limited and Bajaj Allianz General Insurance Company Limited may reduce market share and pricing power. Rising claim costs, especially in health and motor insurance, can SEBI Registered Research Analyst Disclaimer (INH000013174): This analysis is prepared only for educational and informational purposes and should not be considered as investment advice, buy recommendation, sell recommendation or solicitation to invest. Investors should do their own research and consult their financial advisor before taking any investment decision. Registration No.: INH000013174.